Introduction to Bitcoin & Blockchain - Societing Summer School 2015
•
7 likes•1,615 views
Introduction to Bitcoin & Blockchain Societing Summer School - August 2015 @ Ruralhub http://www.ruralhub.it/event/societing-summer-school-2015/ http://www.progetto-rena.it/blockchain-smartrurality-rural-socinn/
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Introduction to Bitcoin & Blockchain - Societing Summer School 2015
Similar to Introduction to Bitcoin & Blockchain - Societing Summer School 2015 (20)
More from Raffaele Mauro
More from Raffaele Mauro (14)
Recently uploaded
Recently uploaded (20)
Introduction to Bitcoin & Blockchain - Societing Summer School 2015
- 1. Cryptocurrencies, blockchain & smart contracts: A general introduction Raffaele Mauro Innovation Manager Intesa Sanpaolo August 2015 RuralHub / Societing Summer School
- 2. 2 Technology Finance & Venture Capital Policy Innovation Cryptofinance, Smart Contracts & Bitcoin
- 3. 3
- 4. 4
- 5. 5
- 6. 6 Peer to peer lending Crowdfunding Disintermediation: from underground to mainstream
- 7. 7 Alt & Virtual Currencies
- 8. 8
- 9. 9
- 10. 10
- 11. 2014 -> Price drops + institutional acceptance Mark Andreessen – Tim Draper – Fred Wilson: Bitcoin today is like the Internet in 1994 11
- 12. 12
- 13. 13
- 16. 16
- 17. 17 August 2015 Wallets 9,3 Million 4x Since 2014 Transactions / Day 116,000 Transaction volume ($) 63,694,000 Merchants 100,000 Microsoft, Expedia, Paypal Hashrate 434,234,000 4x Since 2014 VC Investments 2014 $ 335 + 342% Since 2013 VC Investments Jan-15 $ 112 M > than 2013 all-year VC Investments Aug-15 $ 373 M > than 2014 all-year N° of VC backed startups 113 Open source finance goes big
- 18. Distributed public ledger Network of communicating nodes sharing a public transaction database 18
- 19. 19 Cryptography & transactions • Private key: – Digital signature – Allows spending • Public key: – Allows signature verification – Represents the wallet address • Transactions are published in the blockchain
- 20. 20 Blockchain • Aimed at proving transactions • Contains all transaction history • Blocks record recent transactions + connected linearly • Longest chain enables verification / trust
- 21. Effects • Decentralized, peer to peer trustless system • Not dependent central bank/government • Full transparency + pseudonomity • Cryptographically secure • Resilience to marketplace failures • Viral growth 21
- 23. Mining • Bitcoin released algorithmically • Miners solve complex computational problems • Mining enables transaction validation + block generation • Fixed amount of Bitcoins every 10 mins 23
- 24. Limits • Rigid monetary supply => Volatility • 51% Attack vulnerability • Reliance on third parties • Block-Size / Fork problem • Path dependence • Inequality • Transaction speed • Non-neutrality / political implications • Other network vulnerabilities 24
- 25. 25 Gini coefficient > ~0.8
- 26. Remittances • Half of the world population is unbanked • Average remittance commission for African migrants > 12,5% 26
- 27. How to get bitcoins 27
- 28. How to easily trade €/$ with Bitcoins 28
- 32. Ecosystem 32
- 33. 33 Example: Coinbase Raised $106.7 Million in 4 Rounds Coinbase lets any consumer to create a Bitcoin wallet and start buying/selling Bitcoin instantly by connecting their bank account 2012 Seed Round $ 600 K 2013 Series A $ 6,1 M 2013 Series B $ 25 M 2014 Series C $ 75 M Investors include New York Stock Exchange, Andreessen Horowitz, Union Square Ventures, Draper Fisher Jurveston, Y Combinator
- 34. Accelerator & Investors Generalist Specialized Venture & Growth Early Stage 34
- 36. 36
- 37. 37
- 38. 38
- 39. 39
- 40. 40
- 41. 41
- 42. 42 The Blockchain / Bitcoin 2.0 wave
- 43. 43
- 44. On the top of the blockchain 44
- 46. 46
- 49. 49
- 57. 57 Research & Open Applications
- 58. • Platform for executing user generated smart contracts and decentralized applications + • Contract programming language • Launch in 2015 58
- 59. 59 Scenarios for cryptofinance & decentralized technology Basic: - Cryptofinance as sub-industry of Fintech innovation Optimistic: - Blockchain as the new payment layer of the Internet, like SMTP for email - Internet of Things powered by blockchain technologies Pessimistic: - Bubble & crash in cryptoasset (second mega-bubble) - Bubble & crash in VC in vestments in Bitcoin startups Utopian / Dystopian: - Decentralized technology radically disrupts governments, organizations and financial institutions
- 61. Raffaele Mauro, Ph.D. Raffaele Mauro is a venture capital professional with a passion for disruptive technology, policy challenges and global finance. Now working as Innovation Manager at Intesa Sanpaolo, he is focused on high-tech companies and Bitcoin / blockchain technologies. Raffaele co-founded three startups, spent the last years at Harvard University and was Venture Strategy advisor at P101 Ventures. Previously he was Senior Associate at Annapurna Ventures, a venture capital firm focused on early stage investments in web services and mobile applications, and advised OltreVenture, the leading Italian impact investing fund. Raffaele earned an MPA at Harvard University, a Ph.D. at Bocconi and attended the Singularity University Graduate Studies Program at NASA Ames. In the past he also collaborated with Bocconi University, Collegio di Milano, Harvard Business Review-Italian Edition and various branches of Confindustria, developing projects related to innovation, entrepreneurship and finance. He writes for Aspenia, the policy review of the Aspen Institute - Italy, and LIMES, the major Italian journal of geopolitics. He is co-founder of the social think tank “Lo Spazio della Politica” and became part of the “Young European Leaders – 40 under 40” cohort of 2011. He is also advisor at the Harvard Innovation Lab, member of the scientific commettee at Blockchainlab.it, Junior Fellow at the Aspen Institute, board member at Mangatar and member of the executive committee at the Global Shapers Hub - Milano, a World Economic Forum community.